Ann Marie Hill Housing Cooperative

The Co-operative Housing Federation of Toronto has a fund to assist co-op housing members with short term arrears.? The fund is called the Here to Stay Fund.? It has helped over 200 people in the last seven years.? The fund has also loaned out $115,000 in interest free loans.?

Many of us have had temporary financial trouble.? Sometimes all we need is a little help before things get out of hand.? That is what this fund is designed to do.? The fund is designed to help members with arrears of $500 or less.

Here is how it works:

• The co-op or the member calls CHFT at (416) 465-8688, extension 204.
• CHFT refers the member to the Credit Counselling Service of Toronto.
• Credit Counselling sets up a meeting with the member to review the situation.? They will look at all aspects of your financial situation and help you develop strategies to deal with it.? Credit Counselling may recommend that the fund make a loan equal to one month?s housing charge.? In certain circumstances a loan slightly higher than one month may be considered.
• If the loan is approved, Credit Counselling arranges for the member to sign a promissory note and repayment agreement.? This agreement sets out the details of the loan, such as how much will be repaid each month.
• Once the documentation is in place, CHFT sends a cheque directly to the co-op.
• Credit Counselling will collect the loan payments and send them to CHFT.
• Failure to pay bank loan will result in debt being registered with credit bureau.

When financial emergencies arise, many members of housing
co-ops have little money set aside and nowhere to turn.
To help co-op members cope with these emergencies without going into arrears and possibly losing their homes, the Co-operative Housing Federation of Toronto (CHFT) created The Here to Stay Fund in August 1999.

The Here to Stay Fund provides:

• credit counseling, and
• loans for people who are one month in arrears
• The loan is limited to one month?s housing charge.
• The Credit Counseling Service of Toronto offers counseling to everyone who approaches the Fund.
• To date over 200 people have received credit counseling. The Credit Counseling Service also determines whether a member qualifies for a loan.
• When a loan is approved, the money goes directly to the co-op. This helps co-ops to keep arrears off their books.
• Also, because the amount of the loan is limited, the Fund encourages co-ops to deal with arrears quickly.
• Combining credit counseling with an interest free loan program has produced a strong fund that provides many options for its clients.

Other families found that they could resolve their arrears in other ways. People worked with the Credit Counseling Service to put together financial plans that would deal with their arrears without a loan.

These included:

• people who received money from government funds
• people who put together full debt repayment programs
  including their arrears
• people who went on a budgeting and money management program
• people who put together repayment plans with their co-ops.

The Fund helps to stabilize families. Over 90% of the people receiving loans, remain in their co-op for at least two years afterwards.

The total loans average about $8,000 per year.

The Here to Stay Fund is a project of the CHFT Charitable Fund. It does not receive money from any level of government.

In fact, it is the only rent bank in North America that operates without government assistance.

When we started The Here to Stay Fund, we asked individuals and organizations for support. They have responded with generous donations.

Sponsoring organizations

For information about the Here to Stay Fund or about how to apply for assistance contact:

Harry Vander Velde

Phone:? 416-465-8688 extension 204

Source: http://annmariehillhousingco-op.blogspot.com/2012/11/the-here-to-stay-fund-co-operative.html

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